英文版复件 修改完整版=专题东软医疗对X企业战略并购ppt课件.ppt

1 1 Features NeusoftmedicalforXenterprisestrategicm a1 investmentvalueanalysisreport2 Tradestructuredesign howdoesNeusoftmedicaltakeimplementtheXenterpriseequityinvestment 3 Anoverviewoftheprocess Privatefinancingofthreestages Thefirststageintheprocessofmarketpromotion Thesecondstage marketpromotion Thethirdstage discussandcomplete ConductduediligenceDraftingthefinancingpackagematerialDeterminethefinancialforecastValuationsarediscussedandarchitectureThemanagementreportpreparationandrehearsalinvestorconferenceCompletetheinvestorsduediligencedocumentsDeterminethetargetlistofinvestors ContactpotentialinvestorsThemeetingscheduledsessions investorconferencefortheinvestorsFurthercontactinvestorsanddeliveringthenextphaseofinformationmaterialsThesecondstageinvestorsmeetingReceivefinancingtermsfiles TodiscussthefinancingtermsfilesChoosethemaininvestorsChoosethepartnershipinvestors ifapplicable RegulatoryinvestorduediligenceReadytofileInplaceoffunds financing Processisdividedintothreephasestopromotethemarketefficiencymaximizationandreducethetotaltimeofmarketpromotionprocessaftertheletterofintenttoacquiretheaccess jlcompanywillselectandorderthequalifiedinvestorsintheintroductionofprivatefinancing序 4 Instructionalschedule SeetheinitialtransactionscheduleThreestagesofworkwithemphasis Privatefinancingofthegeneralschedule 5 ThoroughresearchallthepotentialinvestorsThroughthemanagementandthepiperjaffrayhelpdeterminethedestinationlistSetclearanduniquemarketingapproachtoeachbuyerCustommarketpromotionplanandfocusontheindividualrequirementsUsingthepastrelatedrelationshipandunderstanding IntheprocessofthemarkettopromotethepositivedialogueEvaluationofinterestandtheabilitytoworkUnderstandthebasicrequirementsofinvestorsandprovideopportunitiesforinvestorsHasunparalleledexperienceandfinancesupportGeneralmobilizationdecision makingprocessHascreatedtheidealprofessionalcompetitionenvironmentHavetochoosethemost appropriate managementexperience screening preparation ContactkeydecisionmakersThewholeprocessandthebusinessopportunitiestogethereffectively includingthepotentialsynergieswithstrategicpartnersToensurethatthetermsintheacceptableperformtheconfidentialityagreementHardworkoffollowup toensureaccesstoappropriateattentionCoordinationoftradeandensuretimelyprocess Marketpromotionandexecution Potentialinvestors Strategicandinvestors 6 Theroleofprivatefinancing Throughprivateequity thecompanycanquicklygetmoneyforexpansion promoteenterprisedevelopmentspeed mass theenhancemententerprisestrength improveprofitability thusimprovingpublicvaluations thenextstepfortheenterprisedevelopmenttolaythegoodfoundation Inprivate becauseprivateinvestorstotakerisksishigher aslistedonthecompany sfuturemaynotbeabletoexittherisk soprivateequityvaluationmethodwithgeneralipoofcommonlyusedmethods suchascomparablecompaniesandcomparabletransactionmultiples arequitedifferent Privateinvestorswouldconsiderwhetherconformtotherequirementsoftheinternalinvestmentreturnoftheproject accordingtoourexperience privateinvestorsreturnoninvestmentwithintheminimumrequirementsofabout25to45 7 StrategydeterminetheintroductionofprivateinvestorsDeterminetheexpectedamountoffinancing financingtools andpotentialinvestorsBeforetheexecutionofthepreparationSetupprojectteamincludingseniormanagementtoparticipateintheoperationprocess Hireaprofessionalaccountingconsultancyorganizeaccountingforthecompany findoutcompanymoney ifneeded Determinethefinancialadviser legaladvisers formulatetheinvestmentstructure Contact screeningofaccountants assetappraiserintermediaryinstitutions andIn depthvaluationmeasure inordertoconfirmvalueanddeterminechoiceinvestorsstandard Beforestartingtocontactpotentialinvestorsplanandprepareallthenecessarybasicdocuments confidentialityagreementandtheinformationmemorandum mainconditionsofprivateequityinvestmentframeworkagreement etc Privatefundmainwork Stepone Theprivatepreparatorywork 8 Issuingcompanyinformationmemorandum thescreeningofprivateinvestorsEstablishoneortwointentionalityinvestors signaframeworkagreementAlthoughframeworkagreementofbothpartiesshallnotconstitutealegalconstraints butcontainsthemaintradingtermsisthefoundationforfurthernegotiations Frameworkagreementintheprerequisitesforthedeal tradestructure valuationmethods exclusiveandfollow upworkwillbethetermsoftheprinciple Fromcontactwiththeinvestorstoreachaframeworkagreementusuallyneedto2monthstime Privatefundmainwork Step2 Initialinvestorschooseanddeterminetheframeworkagreement 9 IntermediaryagencytoconductduediligenceonbothsidesAboutthecompany saccountingauditbythecompanyhiredfourbigaccountingfirmstoaudit theinvestoraccountantonlytheauditresultsarechecked Investorslegaladviserforthecompanysinceitsinceptionlegaldocumentsasacomprehensivelegalinvestigation Assetappraiserforthecompany sassetsevaluation theinvestormayalsoemployprofessionalevaluationorganizationforthecompany sbusinessinvolvesmarketforindependentassessmentsofmarketforecast Bothfinancialadvisortocoordinatetheworkofthepartiesinvolvedandcommunication Duediligencetimedependingonthecomplexityofthecompanyin30 60daystocomplete Completeduediligence toinvestonpricenegotiationsAccordingtotheresultofduediligence thetwosideshaveframeworkagreementreachedinthemaintradingtermsonebyoneindetail Companiessometimesneedtoinvestigateexposureoffinancial legalissuestoinvestorspromisesolutionsortomakesomeconcessions Thefocusofthenegotiationstendtofocusonthedifferencesofvaluationtothecompany Negotiationshavedifferentlengthoftime Privatefundmainwork Step3 Duediligenceandnegotiatebusiness 10 Negotiationstoreachanagreement thetwosideslawyerreorganisingandtradelawenforcementThispartoftheworkoffiledraftingintheearly earlystaycanbeexecutedafterthetalksended Relatedrestructuring transactionapprovalworkdependingonthedifferentcompanystructureandtradestructureshouldbesubmittedforexaminationandapprovalofdifferentdepartments localandcentrallevelbusinessdepartment theadministrationofforeignexchange taxdepartment thedepartmentofindustrialandcommercialregistration etc Thatpartofthetimealsodependingonthedifferentlengthoftrading Completelegalprocedure investorsmoneyinplaceUndernormalcircumstances startfromtheprivatetotheinvestormoneyinto needabout5 6months ifyouhaveanyexperiencewithfinancialadvisers canacceleratetheprocessofprivate Privatefundmainwork Stepfour Signedagreementandfundinginplace 11 私募时间表 12 Thefinancialadvisorintheprivatefinancing Workasawholetheprivatefinancing Involvedwiththeprojectorganizationandtheoverallcoordinationoftheteamwork designworkplan ensurethattheworkscheduleandworkefficiency promotethewholeprojectworksmoothly Screeningofprivateinvestors Designstructureandinvolvedinthecommunication Tradeexecution Usetheirprofessionalknowledgeandstyleofinternationalprivateequityinvestors operatingpracticeconsideringthevalueevaluation thecognitiontotheindustry aswellastothecompanyinvestmenthighlightsthedepthofthemaster screeningtoconformtothegoalofstrategicdevelopmentpartners andestablishthecommunicationbetweenthetwosidesdealimportantbridge Toconductacomprehensiveduediligence dealstructuredesignandworkplanToassistthecompanytonegotiate accordingtotherequirementsofbothsides undertheconditionsoffeasibletransactioncoordinationcommunication CoordinationoflawyersandotherprofessionalinstitutionscompletethetransactiondocumentsToassistthecompanyintradeexecutionworkaftertheinvestmentagreement toensurethetransactioniscompleted Inacompleteprivatefinancingproject financierswilltocoordinate thewholeprocessofprivatefinancialadviser mainworkcontentsseeright 13 Thefunctionandnecessityoffinancialadvisers Financialadvisersonbehalfofyourcompanypositioncompletely strengthenyourcompanyfinancingrequiredprofessionaltalentsintheprocessofpower Intheprocessofnegotiations theuseoffinancialadvisoryexperienceeveryoneunderstandtheproblem putforwardthefeasiblesolution Remindthecompanytoguardagainsttherelevantriskduringtheprocessoftradingand trap toprotecttheinterestsofthecompany Asinvestmentandfinancingtoeliminatedifferencesbetween communicationamongimportantplatform improvethefinancingefficiencyandsuccessrate Familiarwithdomesticandforeignfinancialmarketpoliciesandrules balancedoverallfinancingissues avoidsubsequentfinancingobstacles Togetherwithlawyerstocheckcommercialandtradingtermsforthecompany tomaximizethecompany sinterests 14 Otherproblemsinprivate Intheprocessofgeneralprivatefinancingnegotiations investorswillalsofocusonthefollowingissues differentcompaniesaredifferent emphasisfinancialadvisorwillworkwiththecompanycarefullyresearch LegalstructureproblemFinancialandvaluationproblemEmployeestockownershipplanIndependentoperation relatedpartytransactionsandcompetitionissuesTaxproblemsPropertyrightproblemExecutivesdon tcompetitioncommitmentproblemGovernmentdepartmentsforapproval ifany Privatefinancinggoodfinancialadvisorcanhelpyourcompanyvaluemaximization Unsolicitedneusoftmedicalsystemsco LTDenterprisebackground Neusoftmedicalsystemco LTD foundedin1998 isawhollyownedsubsidiaryofneusoftgroupco LTD isChina sleadingmedicalequipment medicalITsolutionsandhealthservicesupplier Inthefieldofmedicalequipmentproductsandservices thecompanyhasaseriesofCT mri digitalX raymachine colourtoexceed automaticbiochemicalanalyzer radiotherapyequipment nuclearmedicalimagingequipment andotherproducts Inadditiontothecompany sproductshavebeensoldtoChinaHongKongandMacao s32provinces municipalitiesandautonomousregions andhassubsidiariesintheUnitedStates theMiddleEast productsexportedtotheUnitedStates Italy RussiaandeasternEurope theMiddleEast Africaandsoonnearly60countriesandregions hasmorethan5000largeequipmentusersaroundtheworld InthefieldofhealthcareITsolutions thecompanyprovidesPACS HIS LIS EMR RIS remotemedicalconsultationsystem computeraideddetectionofCAD communityhealthserviceinformationsystem regionalhealthcollaborativeplatform network softwareproductsandservicessuchashealthcarecommunityserviceplatform Inthefieldofhealthservices thecompanyprovides citykang thisnewfamilyhealthdynamicmonitoringandprofessionalmanagementservices iscommittedtoprofessionalhealthserviceintothefamily Byneusoftmedicallatestsuccessfuldevelopmentof16CTagain superconductingmagneticresonance NMR linearaccelerator PETproductsfillthegapsintherelatedareasofChina Chinarankstothehigh endmedicalequipmentproducer Willbeonmedicalscienceandtechnologytocreateahealthylife neusoftmedicalequipmentandthetechnicalinnovationintheserviceofhumanhealth andiscommittedtobecometheworld sleadingmedicalequipment medicalITsolutionsandhealthservicesupplier 15 Neusoftmedicalproductline1 16 Neusoftmedicalproductline2 17 Xcompanymergersandacquisitionspartybasicbackground Whoarewe XprovidesadvancedImagingSolutionsthathelpearlydetectionofillnessandimprovepatientoutcomes Wemanufactureallourproductsonsite inanISO13485facilityWeareaprivatelyheldSCorporation wehavenooutsideinvestorsWeprovidegrowthopportunitiesforouremployeesWereinvestinResearchandDevelopmentWeholdpatentsandinternalIPthatmayleadtokeyadvancesinMedicalImaging WhatAreWe ModalitySpecificVendor CR DR PACS ViewersITCompany VenderNeutralPACS softwareMarketSpecific Mammography Ortho Chiro Hospital RadiologyEquipmentProvider Newproduct TurnkeysolutionsforX rayroomsOEMManufacturerCustomandprivatelabelproducts 18 Xcompanymergersandacquisitionspartybasicbackground SWOTAnalysisStrengths EstablishedCRManufacturer 1of7 UniqueOfferings iDR iDR L Fusion ClarityPACS VertXEstablishedSoftwarePlatforms Acquisitions PACSProductDevelopment NewDirectConversionmaterialsforDRSoftwareDevelopment RISandPracticeManagementSWSoftwareCustomization AsneededmultiplemodalityEstablishedOEMandDealerChannel DomesticDiversifiedInternationalSalesChannel WorldwideRegulatoryApprovalProcessforFDAinplaceMarketingCommunications Webpresence knownnamebrandAmericanManufacturer 19 Xcompanymergersandacquisitionspartybasicbackground OpportunitiesEstablishedCRandPACSManufacturer Entrytotheradiologyspace FuturepotentialasaDRvendorEstablishedOEMandDealerChannelRapidFilmConversation DigitalCompany nodependenceonfilmrevenue NewDeviceAcceptance CBCT recentlyFDAapproved SoftwareStandardization OnePlatformNewDevelopments CBCT DR PracticeManagementSoftwareHighrevenuepotentialfrominstallbase Supportcontracts ThreatsFallingPriceofDRFallingPriceofCRHighBarriersofEntryIntoNewDeviceMarketsPACS MustkeepdevelopingRIS PracticeManagement FracturedmarketMultipleVendorsofDR 20 Xcompanymergersandacquisitionspartybasicbackground SalesStrateegyProcessgoals Dealer DistributorsBecomeasinglesourceprovider CR DR PAC RIS X ray SystemIntegratorsTargetcompaniesthataddressmarketsXisnotfocusedon EndUsersPromotespecificproductlinesthroughdirectmarketingandtradeshowparticipation 1 Developabiggerdirectsalesforce 2 Revampserviceandtechnicalsupportprocedures Addrevenuestream3 Targetproducts iDRL Vmotion ClarusCT PACSSpecialtyModulesApproach1 Hospitals X2 Ambulatory Dealers X3 Clinics Dealers4 SpecialtyMarkets OEM SI 21 Xcompanymergersandacquisitionspartybasicbackground InHardware DRplatedesignfordirectconversion 3Xmoreefficientthancurrentpanels 3XlessexpensivetomanufactureiDR34Crystal Longboneimagingisanecessityineveryhospital AsmarketschangefromCRandFilm iDRwillcommandalargemarketshareasacosteffectiveandefficientwaytocreatedigitallongboneimagesChrome ChromeM Neo SpecialtyCRdevicesfornichemarketsDualEnergyCassettes NewdevelopmentforChestimagingInSoftware PracticeManagementsoftwareClarityPractice Thissolutionisdesignedtoworkasasmallpracticemanagementsolutionforclinics HL7andDICOMcompliant thisinternationalsolutioncanactasacomponentofthelargerXoffering toprovideaturnkeysolutionMammoCAD WithOEMPartners AdvancedViewers AllModalityviewersdevelopedwithOEMpartners LUNGCADforCT AdvancedscreeningsoftwareforlungCAD WithOEMpartners Marketsize share growthrate2015 2020EstimatedCRandDRmarket 25 000peryearXhas2 5 marketshareinsomeCRmarkets 0inothers Xsells800 1000CRsystemsperyear2016DRandCRsalesat50 50internationallyXmustconvertalargepercentageofit sCRclientsbetween2016 2020 22 Xcompanymergersandacquisitionspartybasicbackground Goals 10 15 peryeargrowthwithexistingproductlineExpandthroughnewproductofferings completeimagingsystems X raysolutions AddmoreMilitaryproductofferings Moremilitarybusiness Marketingpushtoraiseawareness presentcompleteX raysolutions Salesinregion2015 6MinUSA 1MinWesternEurope 3MinFareast 3MinMiddleEast 3MinSARevenueandUnitsperYearAveragerevenueof 21M yearovera5yearperiod Maximumof 29Min2013 2015 17Mwith 2MbacklogofordersatyearendAverageof1000unitsperyearovera5yearperiod Profitableoperation reinvestmentinnewdevelopmentisovertakingprofitcapability Opportunitywithaninternationalmanufacturingpartnertodoubleortripleoutput atlowoverhead 23 Xcompanymergersandacquisitionspartybasicbackground VolumewithdirectbusinessmodelinUSCurrently Xisconvertingsomeofit ssalestodirectmodel justbeginning Estimate 2Min2016 Normallylessthan 1M FinancialreportinDollarRevenueofmilitary US Russia in2013 2015US Militaryorderswerealmostnon existentin2013 2015 Therewasalargepartspurchasein2015 butonlyafewintheUSAin2014and2015RussianMilitaryishandledthroughourpartnerinthatregion andtheysawasharpdropinsalesin2014 MedicalbudgetwasusedforOlympics buttheypurchased30machinesorsoin2015 ThemilitaryremainsinterestedinourportableDRsolution theykeepaskingaboutit buttheyhavenotpurchasedthisunitfromus Ourmilitarysalesrecordisclean ourmachineshavebeenoperatinginthatarenaforover6yearsnow Wehavehadalargepartsorderin2015 24 Assessmentforthecompanytomakestrategicinvestmentoracquisitionvaluesignificance 1 TheglobaleconomicslowdownmakethemhavethechancetocontactlikeXenterprise 2 Abatchofthenicheadvantageofsmallandmediumenterprises asaresultoftheeconomiccrisisofEuropeanBankstolendthatisinacriticalperiodtoexpandfundingtheyhavetooutward 3 Plentymoneyinhand theChineseinvestorsarealreadyhungryforEurope sadvancedtechnology sothetwohititoff andtheoverseastechnology combinedwiththeforcesoftheChinesemarkethasalwaysbeentobereckonedwith 4 Nowproductshaveacommoncharacteristic namelytheoptimalperformance 5 overseastechnology activecapitalmarket madeinChina6 Longtermwin winrelationship thinkingandotherm ahassignificantdifferenceisthatwearenotpuretechnologytransfer norapureproductiontransfer buttomakeXenterprisecancreatelong termwin winrelationshipwithChina AndtherewasahugemarketspaceoftheChinesemarketwithadvancedproductiontechnology largeproductioncapacity combinedwithChina svibrantcapitalmarket thethreeeffectivecombinationofittoproducerealsignificantmergersandacquisitions 25 Assessmentforthecompanytomakestrategicinvestmentoracquisitionvaluesignificance 7Xcompanylacktheabilitytoexpandcapacityintothemassmarket thecapacityissmall themainsalestargetisfacingspecialnichemarket sothesalesincomeisnothigh Buttheneusoftmedicalsystemco LTD Technicalabilityisverystrong researchanddevelopmentpersonnelaccountedforalmosthalfoftheemployees 8 China shigh endmedicalimagingequipmenthasbeenthelackofindependentresearchanddevelopmentability thelong termdependenceonforeignenterprisesinsomeofthecoretechnology manydomesticenterprisesthroughtheestablishmentofjointventure tobuytechnologylicensing overseasmergersandacquisitionsmeanstotrytoturnthingsindependentresearchanddevelopmentabilityisweak buthasnotbeenabreakthroughinthefieldofcoretechnology theacquisitionofXcompanywillfilltheblankinthefieldofhigh endresearchanddevelopment 9 Pastispurelythegrowthofthequantity oldmodelsarealotofproductioninChina butthiskindofsituationwillsoonchange China smodernwithhighperformance highqualitydieselopportunitieshaveverybigdemand Growthpatternwillchangefromquantitygrowthbecomesqualitativegrowth NeusoftmedicalforXstrategicacquisitionwilltobereckonedwith 10 Chineseenterprisesmergersandacquisitionsasameansofquicklybecomebiggerandstronger ortoincreasemarketshare expandthescaleoftheindustryforthepurpose namelyhorizontalmergersandacquisitions Ortooptimizetheallocationofresources realizethelinkageeffectoftheindustrialchain forthepurposeofthelongitudinalmergersandacquisitions 26 Transactionstructuredesignproposal theformofacquisitionequity mergerandacquisitionAformo